After breaking into new territories in the last few days, Meme coin Shiba Inu was down 15% from its all-time high on Sunday courtesy of a tweet from billionaire Elon Musk.
The token — centred around a breed of Japanese hunting dogs — has risen more than 400% in the past 30 days to be the 11th-largest by value.
However, Elon Musk whose cryptic tweets have been the reason for the volatility of such meme coins, clarified that he did not own any SHIB.
Asked by a Twitter user how many Shiba Inu coins did he hold, Musk replied: “None.”
In another tweet, the Tesla CEO and SpaceX founder added: “Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.”
Following these tweets, Shiba Inu saw a dip.
Musk also made it clear that he supported Dogecoin since it was “the people’s crypto”.
Explaining the reasoning behind his support, he tweeted: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”
Dogecoin has climbed about 10% in the past 24 hours, according to CoinGecko.
Musk acknowledges that he has invested in three cryptocurrencies, Bitcoin, Ethereum, and Dogecoin.
On Sunday, Elon Musk helped Shiba Inu vault up the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy.